Green Bank N.A. this week announced that it now has more than $1 billion in total assets, up from $667 million at this point last year.
The Houston-based wholly owned subsidiary of Green Bancorp, Inc., opened its doors in 2007 with $228 million in assets. In June 2010, it completed a $100 million capital raise with independent investment firms Friedman Fleischer & Lowe, LLC, Harvest Partners, LP and Pine Brook Road Partners, LLC, bringing total assets for the bank up to $667 million.
Last month, Green Bank became one of the first banks in Texas to offer business checking with interest, pursuant to a little-discussed provision of the Dodd-Frank Wall Street Reform Act. The new service lets business clients choose between an interest-bearing checking account or an account that offers a market-leading earnings credit rate (ECR), depending on which best serves their needs.
Of the nearly 7,500 banks in the U.S., only approximately 600 have assets in excess of $1 billion, according to the FDIC, placing Green Bank among the top 8% of banks across the country. According to SNL data, only 74 banks have assets totaling $10 billion or more, as of March 31, 2011.
"We are pleased with this milestone and continue to work organically and through acquisition toward our long-term goal of $3 to $5 billion in assets," said Green Bank President and CEO Geoff Greenwade, in a statement. "Our ability to put new deposits immediately to work has fueled our five-year growth from $230 million to $1 billion in assets; this aligns with our parallel goal to support Texas businesses and the communities in which we operate.”
In the second quarter, Green Bank reported a 67% increase in loans receivable ($696 million versus $418) compared to the year-ago quarter and a 56% spike in deposits ($801 million from $513 million).
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